05 Aug 2020 14:36:07
Official Statement from the club for those who haven't read it.
"In line with other football clubs and many other businesses operating in the sport, leisure and entertainment arena, we have been impacted directly by C.V.
Our main sources of income have all reduced significantly. Revenue from broadcasters, matchday and commercial activities have all been hit severely and these impacts will continue into at least the forthcoming 2020/ 21 season.
The C.V. represents one of the most challenging periods in our 134-year history and we have responded promptly by implementing wide-ranging measures to reduce our costs. Our players, senior football staff and executive team have volunteered pay cuts, we have stopped pretty much all of our capital spending, and our discretionary operating expenditure has been strictly controlled.
We have also received significant financial support from our owners, Kroenke, Sports and Entertainment in terms of refinancing our stadium debt.
These steps have all reduced the impact of the C.V. on the club and have helped us continue to maintain investment in the team. This will continue to be a key priority.
It is now clear that we will be facing more significant and longer-lasting reductions in our revenue than we all hoped. Current indications are that we will not have fans back at Emirates Stadium for the start of next season and fans will only be able to return in limited numbers after that. The global economic projections are also very negative.
This will impact the disposable income of our fans, the money corporate clients have to spend on hospitality and sponsorship, and the ability for broadcasters to invest in TV rights.
We all hope there will be no "second wave" but we also need to accept that is one of the many uncertainties ahead of us and plan accordingly.
Over recent years we have consistently invested in additional staff to take the club forward but with the expected reduction of income in mind, it is now clear that we must reduce our costs further to ensure we are operating in a sustainable and responsible way, and to enable us to continue to invest in the team.
Our aim has been to protect the jobs and base salaries of our people for as long as we possibly can. Unfortunately, we have now come to the point where we are proposing 55 redundancies.
We do not make these proposals lightly and have looked at every aspect of the club and our expenditure before reaching this point. We are now entering the required 30-day consultation period on these proposals.
We know this is upsetting and difficult for our dedicated staff and our focus is on managing this as sensitively as possible.
These proposed changes are ultimately about ensuring we take this great football club forward, creating the right organisation for a post-C.V. world, and ensuring we have the resources to return to competing effectively at the top of the game here and in Europe".
Raúl Sanllehi, Head of Football
Vinai Venkatesham, Managing Director
How about we DO NOT sign Willian for £100k a week and spend that £400k a month on keeping these people in their jobs. No doubt these are groundsman/ women, ticket office staff, merchandise shop staff etc that will be affected. Not impressed with that statement tbh. Obviously the serious financial mess we are in is worse than we thought.
05 Aug 2020 15:27:17
How about we don't spend but give our younger players a chance?
If we finish 8th to 12th so what? It's just one more season out of the limelight during exceptional circumstances and we get to find out all we need to know about our younger players?
Make sense to me at least 😆.
05 Aug 2020 15:50:59
I agree mate! We do need a suitable balance between academy graduates and experience in the team but it would certainly help our financial issues. Securing Champions League football has proven to be a lot more difficult over the last few seasons and that is a massive target for us. If we do make these rumoured signings and we can somehow secure top 4 then it may pay off in the end but if it doesn't, it's a downward spiral which gets harder to climb back up.
05 Aug 2020 16:36:14
Such a sad situation. Just seen Francis Cagigao has been sacked. Surely being made redundant would be better on his CV? Mind you it might just be tittle tattle.
05 Aug 2020 16:48:00
" If you can keep your head when all around you are losing theirs "
Then teach me how the fuge to do it too :-) .
Just seem like an opportunity to sort ourselves out and come back in stronger position when life settles down and the new normal emerges.
Right now no one can say when that will be or if fans will want to or be able to afford to return to stadiums in the same numbers as before or if TV and commercial revenue will be as lucrative as it once was.
Seems to me the less heavily you commit now the more free you are to adapt to whatever comes next.
05 Aug 2020 19:36:39
We’re these employees not on furlough and costing very little? Companies are making these decisions on a daily basis, I read hsbc we’re making 35000 people redundant. 55 people seems a low number and with furlough running longer, you would think the benefit off set against redundancy payments is minimal.
55 people at 30k a year? Who knows. It could be accountants, tour guides, scouts - do we know?
With our player wage bill and government support - you’d think we could keep these employees through October.
05 Aug 2020 21:20:59
I don't think Arsenal used the furlough scheme SY mate, and quite right to they shouldn't because after all its the British publics money and you shouldn't be paying some individuals multi millions a year and asking for public money at the same time mate. But I dare say Arsenal could have kept those people on if they tried. This is not the same Arsenal of the Hillwood days.
05 Aug 2020 21:39:41
just shocking could pay this employees out of his own pocket. Not sure if wenger would have agreed with this if he was around. why is it that most billionaires, especially American ones are disgusting human beings?
05 Aug 2020 22:32:24
Very very unfair on Americans that Punani mate, money corrupts people of all races creeds and nationalities equally in my opinion. There are some very kind humanitarian billionaires out there, not that many admittedly but I don't think it's race or nationality that determines which are and which aren't.
05 Aug 2020 23:10:42
Unbelievable and disgusting to even consider signing any player whilst laying off other staff, let alone a way past best over 30 year old winger that we don’t even need. No signings, or let’s f*ck off Ozil and use that cash to keep the 55 employees.
05 Aug 2020 23:58:04
Amazing isn't it. Just by getting Ozil off the books we could keep all those staff AND pay them a good wage. Very disappointed in the club today.